Johnson & Johnson coronavirus disease vaccines (COVID-19) are seen at North Shore University Hospital at Northwell Health in Bay Shore, New York, March 3, 2021.
Shannon Stapleton | Reuters
Johnson & Johnson reported $ 100 million in first-quarter sales of its pending Covid-19 vaccine in the United States on Tuesday, while U.S. health regulators are investigating a rare blood clotting problem.
In publishing first-quarter financial results, the company also reported earnings and revenues that exceeded Wall Street expectations.
Here’s how J&J did compared to what Wall Street expected, according to average estimates compiled by Refinitiv:
- Adjusted EPS: $ 2.59 per share versus the expected $ 2.34.
- Revenue: $ 22.32 billion compared to $ 21.98 billion expected.
Following the report, the share price of the New Jersey company was essentially fixed in premarket trading.
J & J’s pharmaceutical business, which developed the single-injection Covid-19 vaccine, generated revenue of $ 12.19 billion, up 9.6 percent year-on-year. The results were determined by sales of the company’s drug for multiple myeloma Darzalex and Stelara, a treatment for Crohn’s disease.
The company’s consumer unit, which produces products such as Neutrogena and Listerine, generated revenue of $ 3.5 billion, down 2.3% from the previous year. Its medical device unit generated $ 6.57 billion, an increase of 7.9%.
J&J Chief Financial Officer Joseph Wolk told CNBC on Tuesday that its three business segments were “healthier” than they were in the pandemic last year.
The company increased its revenue and revenue guidelines for that year. J&J now expects a year-over-year profit of $ 9.42 to $ 9.57 per share, compared to its previous forecast of $ 9.40 to $ 9.60 per share. It expects revenues of between $ 90.6 billion and $ 91.6 billion, compared to its previous forecasts, of $ 90.5 billion to $ 91.7 billion.
J & J’s financial results come as the company’s Covid-19 vaccine was discontinued in the United States after six women developed a rare but potentially life-threatening blood clotting disorder that left a dead and one in critical condition.
The women developed the condition known as cerebral venous sinus thrombosis in about two weeks after receiving the shot, US health officials said. CVST is a rare form of stroke that occurs when a blood clot forms in the venous sinuses of the brain. Eventually it can leak into the brain tissue and cause bleeding.
White House chief medical adviser Dr. Anthony Fauci said last week that the break would give U.S. health officials time to carefully investigate the cases and “find some common denominators among the women involved.”
Wolk told CNBC that the company is working with US regulators to make sure they have all the information they need to make a decision about using the J&J vaccine. He said he expects the United States to make a decision by the end of this week. A key center for disease control and prevention is scheduled to meet Friday to make a vaccine recommendation.
“We remain very confident and hope that the benefit-risk profile will unfold,” he told Squawk Box, adding that the company expects to deliver 100 million doses in the first half of this year if the US investigation into cases of blood clots “go well”.